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Your first savings account

Save now and you can spend later

Your first savings account

A savings account helps you save money to buy the cool things you want. You’ll also get a statement every six months that tells you how much you’ve saved and lets you know about special offers and competitions you can enter to win great prizes.

It’s easy to open your first savings account. If you’re under 16, just ask Mum or Dad and visit your nearest Commonwealth Bank branch.

How to save more

There are loads of ways you can find extra money to put in your new savings account, so you can see your savings add up fast.

Top savings tips:

  • Ask Mum and Dad if you can help out more around the house for extra pocket money. Or, see if there are any special one-off jobs they’d be happy to pay you to do.
  • Get a money box, such as a Platy money box, and put all your spare coins into it. Then, every month, get Mum and Dad to help you put that money in your savings account. You’ll soon see it add up.
  • Remember, you can have small things now, or save up for bigger and better things later.
  • If you take pocket money to school for snacks, why not just spend half of it? You can put the rest away for something else you’d really like.
  • Before you buy anything, be sure to look around in a few shops to find the best price.
  • And if your school has School Banking, be sure to get involved. It’s fun, easy and a great way to save.

Before you know it you’ll have saved heaps!

The Dollarmites Club

If you’re under 10 years, when you open a Youthsaver account you become a member of the Dollarmites Club, where you’ll find lots of cool games, puzzles, activities and downloads to help you learn about saving money.

Earn bonus interest

Another way you can see your savings grow faster is with bonus interest. Every month that you put money into your Youthsaver account and don’t take any out, we’ll give you a bonus interest payment as a reward for being a good saver.

  • Important information
    The advice on this website has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide (PDF 68KB). Full terms and conditions for Youthsaver Account is available here (PDF 668KB) or from any branch of the Commonwealth Bank.